Hi, i'm a retail shop owner.I have a fancy shop in which i sell gifts,fancy items and stationary products.Let me share some of the basic ethics which i have learnt in my business.
For opening a retail shop,first you would have to select the best suitable location.For example,if you are going to open a stationary shop,first check the locations near schools.It would not make sense if you open a stationary shop outside the city.On the other hand,if you are going to open a coffee shop or a hotel,then that place outside the city would also suit as there would be moving population continuously on the roads.
Secondly,please make necessary financial arrangements to run your family for atleast six months so that you would not be forced to take and spend the shop's money for family expenses.Reinvest your earned income from the shop again into your shop itself so that the inventory of your shop would increase gradually.
Always invite your customers with a smile as it would boost your sale and make customer come again to your shop.
Don't ever expect huge margins of profits in the beginning for atleast six months.By this way,you would attract more customers into your shop.
Whenever you open a shop,try to open your shop atleast one hour before the other shops open and close your shop an hour late after the closure of other shops.By this way,you would get more new customers.
Replacement policy:
When your customer wants to return their product,be polite and replace them with any other product if they wish.Don't be rude and don't say that we don't replace.
Gift shop:
To my knowledge,gift shop would be one of the best income giving opportunity.You would be surprised to hear that a gift which you buy in wholesale at a price of just rs.50,you could easily sell it at either rs.150 or 120.That is almost more than 100%.You could easily offer them that gift packing or wrapping is totally free as it would cost just rs.5 or 10 which you could easily adjust from your huge profit.
All these basic things could not be learnt from any book.All these ideas are practically applicable and i'm giving only those things which i have learnt in my business.
I will update more details about basics of running fancy shop and stationary shop.
Wishing you a great opening in the retail business.
My email id: sadiq786farhaan@gmail.com.
For any doubts,feel free to contact me via my email & and i would be very happy to give suggestions.